HSBC launches record-breaking SIV

HSBC has launched the largest-ever structured investment vehicle, with an initial portfolio of over $6 billion, called Asscher Finance.

The SIV will invest in 90% triple-A rated asset-backed securities, while the minimum rating for any investment is A-/A3. The SIV has a three-tier capital structure. The top tier consists of commercial paper (CP), the second tier is European and US denominated medium-term notes, the third tier includes both single-A rated mezzanine notes and triple-B rated income

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